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Customer Data Meets AI – and great things can happen

A new day is dawning for the customer experience, driven by the application of artificial intelligenceArtificial Intelligence knows many different definitions, but in general it can be defined as a machine completing complex tasks intelligently, meaning that it mirrors human intelligence and evolves with time., machine , and automated technologies to CRM data. The potential exists to transform the customer’s experience by providing service in a more predictive and intuitive way than ever before.

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Everywhere you look, customer data is exploding. People (and their devices) are all connected—even household products are sharing data. Behind each and every interaction, device, and product is a customer. This equates to an unprecedented opportunity for companies to delight customers with experiences that are more intuitive, relevant, and predictive than ever.

Get more out of the Data you have

Artificial intelligence () embedded into commerce and customer relationship management (CRM) platforms creates striking new possibilities for the customer experience and beyond. Indeed, the business world is now entering a golden age of , and both customers and employees can expect to reap the benefits. startups received more than $5 billion in venture-capital funding in 2016, according to CB Insights, and IDC projects that worldwide revenues from cognitive systems and will reach $47 billion by 2020 . Across industries, regions, and functions, the opportunities are significant. In fact, Accenture predicts could double annual economic growth in 12 countries by 2035.

Added Value for Customers and You

Meanwhile, the implications for the internal and external customer experience are equally compelling. Advances in algorithmsAn algorithm is a fixed set of instructions for a computer. It can be very simple like "as long as the incoming number is smaller than 10, print "Hello World!". It can also be very complicated such as the algorithms behind self-driving cars. and computing power, combined with the abundance of data from which algorithms can learn, equate to powerful new uses of that are transforming customer and employee experiences to be not only responsive and personalized, but also predictive.
The challenge is determining how to start developing the right processes and expertise for collecting data—as well as building algorithms and models—swiftly enough to fully reap the benefits. Most companies find it difficult, if not impossible, to accomplish those tasks on their own, given the dearth of data scientists, the fact that disparate systems and data are not ready, and the need to rapidly build new systems, apps, and capabilities. In addition, the concept of applying to improve the customer experience is new, and companies don’t even know where and how to begin. That’s why having already embedded into CRM significantly boosts companies’ ability to deliver smart, high-impact customer experiences quickly and effectively.  […]

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